Consumer price index
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Consumer price index (CPI) is a measure of the overall level of prices that shows the cost of a fixed basket of consumer goods relative to the cost of the same basket in a base year.
Definition
According to Macroeconomics by Mankiw (7th edition),
- Consumer price index (CPI). A measure of the overall level of prices that shows the cost of a fixed basket of consumer goods relative to the cost of the same basket in a base year.
